Chocolate Spread Market Outlook
According to the report by Expert Market Research (EMR), the global chocolate spread market size is projected to grow at a CAGR of 2.3% between 2024 and 2032. Aided by increased adoption of western food culture and changing eating habits, the market is expected to grow significantly by 2032.
Chocolate spread, a delectable blend primarily consisting of sugar, palm oil, hazelnuts, cocoa, milk powder, lecithin, and vanillin, is a favourite among many households. It is not just a treat for the taste buds, but also serves as a quick fix for breakfasts or snacks, spreading easily on toasts, pancakes, and waffles. Beyond its role in breakfast foods, the chocolate spread has ventured into diverse culinary applications, from baking to being a delightful addition to various desserts.
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The soaring chocolate spread market demand can be attributed to the chocolate spread’s dual role: a tasty delicacy and a convenient food item. Urbanisation, paired with the fast-paced lives of the modern consumer, has given rise to the need for quick yet delicious meals. Chocolate spread, meeting both these criteria, has witnessed an uptick in its consumption. Furthermore, innovative marketing strategies and product launches by major brands have significantly influenced consumer preferences, further invigorating the market.
The trend of gourmet home cooking and baking, which gained traction especially during the COVID-19 lockdowns, provided an impetus to the global chocolate spread market. Home bakers and cooking enthusiasts turned to chocolate spread as a versatile ingredient, leading to its increased incorporation in a variety of recipes, from cakes to pastries.
The emergence of healthier variants of chocolate spreads, including those with reduced sugar, no added preservatives, and sustainably sourced ingredients, have largely contributed to the chocolate spread market expansion. Organic and vegan chocolate spreads have also made an entry, catering to a niche yet growing segment of health-conscious consumers and vegans.
Emerging markets, particularly in the Asia Pacific region, provide promising opportunities for the market expansion. With rising disposable incomes and a burgeoning middle class, countries like China, India, and Indonesia are developing a palate for Western breakfast and snack items. This trend, combined with aggressive marketing campaigns by leading brands, is expected to further aid the chocolate spread market growth in the region.
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Chocolate Spread Market Segmentation
The market can be divided based on source, type, packaging type, distribution channel, and region.
Market Breakup by Source
- Organic
- Conventional
Market Breakup by Type
- Dark Chocolate
- Milk Chocolate
- White Chocolate
- Others
Market Breakup by Packaging Type
- Bottles
- Pouches
- Cups
- Others
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialist Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the companies operating in the global chocolate spread market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ferrero International S.A.
- The Hershey Company
- Nestlé SA
- Mondelez International, Inc.
- NUTKAO S.r.l.
- Dr. Oetker India Pvt. Ltd.
- Nutiva Inc.
- Others
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